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Vp39s UK Forks division covering rough terrain material handling equipment and tracked access platforms grew revenues 10 percent and profits 30 percent in its latest fiscal year
Vp's UK Forks division, covering rough terrain material handling equipment and tracked access platforms, grew revenues 10 percent and profits 30 percent in its latest fiscal year.

A Solid Fiscal Year for U.K.-Based Vp plc

United Kingdom-based equipment rental chain Vp plc posted £208.7 million for its fiscal year which ended March 31, up from £205.6 million the previous year. Pretax profits also increased to £27.6 million, compared to £25.1 million the previous year. EBITDA rose 10.2 percent to £59.3 million, compared to £53.8 million a year ago.

Acquisitions played a role in Vp’s increased revenues. The company acquired Test & Management in November 2015, which now operates as part of its ESS Safeforce division. It also acquired Higher Access, an aerial firm specializing in tracked aerial work platforms.

“Following last year’s record-breaking results, the group has continued to make further good progress this year, reporting another strong financial performance with improvements in profits, margins and returns, delivered from a relatively modest growth in revenues,” said Jeremy Pilkington, chairman. “This trend is expected to continue as the varying demands of supportive infrastructure, housebuilding and construction markets play against a challenged oil and gas sector.”

After the financial year ended, Vp acquired Australian rental company TR Pty, which has eight branches in Australia, three in New Zealand and two in Malaysia. Pilkington said growing the company’s non-U.K. revenue base is one of the company’s key longer-term strategic objectives.

“We enter the new financial year in good shape, with most end markets offering supportive trading environments and with the prospect of contributions from our acquisitions,” Pilkington added. “Our business model of diverse and specialist services continues to serve us well and with the new financial year starting positively, we look forward to another year of progress for Vp and our shareholders.”

TAGS: Rental News
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